Inox Clean Energy to Acquire Vibrant Energy’s 1.34 GW RE IPP Portfolio from Macquarie

Inox Clean Energy Limited has announced the execution of definitive agreements with Macquarie Corporate Holdings Pty Limited and other shareholders to acquire Vibrant Energy, a diversified renewable energy independent power producer (IPP) with a total portfolio of 1,337 MW. Of this capacity, around 800 MW is currently operational.

Vibrant Energy’s portfolio is backed by long-term power purchase agreements (PPAs) with global blue-chip commercial and industrial (C&I) customers, with a weighted average tenure of approximately 20 years. The company’s renewable energy assets are spread across several Indian states, including Madhya Pradesh, Maharashtra, Karnataka, Telangana and Andhra Pradesh.

The acquisition aligns with Inox Clean’s strategy of building a large-scale, integrated renewable energy platform that combines power generation with solar manufacturing to deliver differentiated clean energy solutions for diverse customer segments.

Commenting on the development, Devansh Jain, Executive Director of the INOXGFL Group, said the acquisition marks a key milestone in Inox Clean’s expansion plans. He noted that, along with other acquisitions nearing completion, the company is on track to achieve its targeted installed renewable energy capacity of 3 GW by the end of FY26, positioning it as the fastest company in India to reach this scale. Jain added that the expanded platform will support Inox Clean’s longer-term ambition of achieving 10 GW of installed capacity by FY28.

Akhil Jindal, Group CFO of the INOXGFL Group, said the transaction fits within the group’s valuation framework, which mandates a minimum internal rate of return, and is expected to be value-accretive. He added that the closure of multiple ongoing acquisitions would further strengthen Inox Clean’s growth trajectory. According to Jindal, with a targeted 10 GW of operational power generation capacity, along with planned solar module and cell manufacturing capacities of 11 GW and 8 GW respectively by FY28, Inox Clean aims to achieve consolidated annual revenues of around Rs 30,000 crore.

From the seller’s side, Mark Dooley, Executive Director at Macquarie Group Limited, said the divestment of Vibrant Energy represents another step in Macquarie’s transition of renewable energy activities towards an asset management model under Macquarie Asset Management Green Investments. He highlighted that Macquarie had supported the growth of Vibrant Energy from an initial 65 MW to 1,337 MW in a short period and expressed confidence in Inox Clean’s ability to lead the next phase of the company’s growth.

Standard Chartered Bank acted as the exclusive financial advisor to Macquarie Group on the transaction.